India receives highest FDI worth $1 billion in pharma in April-June

India receives highest FDI worth $1 billion in pharma in April-June

NEW DELHI: India’s pharmaceuticals sector has received FDI of $1 billion, the highest among the top 10 segments, during the April-June period this year amid concerns over increasing acquisitions of domestic firms by multinationals.

Other big acquisitions include Shantha Biotechnics by French pharma company Sanofi-Aventis. In 2008, Japanese firm Daiichi Sankyo had bought out the country’s largest drug maker RanbaxyBSE -2.57 % for USD 4.6 billion.

The other nine sectors which received FDI during April- June quarter of the fiscal include services (USD 945 million), automobile industry (USD 515 million), computer software and hardware (USD 171 million) and construction development (USD 167 million).

During the first quarter of the fiscal, the country attracted highest FDI from Singapore (USD 1.85 billion), followed by Mauritius (USD 1.09 billion), Germany (USD 510 million) and the Netherlands (USD 408 million).